'Money makes the world go 'round'

Group wants to start movement for local currency.

Group wants to start movement for local currency.

October 10, 2006|JIM MEENAN Tribune Staff Writer

SOUTH BEND Everyone likes to make money. And a local group of volunteers is developing a plan in which you not only would spend it, but name it and have a say in what it looks like. The Michiana Community Currency Project plans two meetings this month in an effort to bring the project to the forefront. The Michiana Community Currency Project plans to launch its contest to name the money in a public gathering at 7 p.m. Wednesday at the St. Joseph County Public Library. The development of Michiana's local money is an ongoing community effort by a small but growing group of volunteers from South Bend, Mishawaka and Elkhart. It is spearheaded by Jackie Smith, an associate professor of sociology and peace studies at the University of Notre Dame. The group wants a name for the currency that is meaningful to Michiana, Liz Martinez, a Notre Dame graduate student and one of the lead organizers, said. And it wants contestants to help in suggesting the design or images that appear on it. At 5 p.m. next Tuesday, Oct. 17, at Fiddler's Hearth, David Hurley of the currency's leadership group will lead a dialogue with business leaders, and explain the plans for the currency. The group hopes to have the program up and running by next summer. The way the money works is people purchase the money with U.S. currency, and it can then be used in place of U.S. currency or with it to pay for services rendered or food at participating establishments. "We have a target list of 100 companies," Martinez said. "We are hoping to have companies that are native to South Bend. "The two things we are looking for are companies that were originally based in our community," she said, citing restaurants and grocery stores. The second thing is individuals who provide services not otherwise valued in the economy such as baby-sitting, painting and making art. Martinez said she is involved because she's from South Bend. "And I care about our community and I have looked into other communities (that use it) and have seen the benefit." Those benefits, she said, include keeping the money local, empowering the local economy, supporting face-to-face transactions, purchasing from people you know, expanding visibilities and customer base. "Once they are in the network, we will publish a directory four times a year with everybody that's in it," she added. Hurley said he became involved because he has had an interest in this type of thing for some time. Originally, he envisioned it as possibly a neighborhood thing among businesses in one area. Hearing Bernard Lietaer at a socially responsible investors conference a few years back heightened his interest. "He's advocating for a major international complementary currency system," Hurley said, "and is a champion of the cause in recognition of the instability in some of our current monetary systems. "That lit a fire under me," added Hurley, an Ameriprise financial adviser in South Bend's northwest side. Just how and where American currency will be exchanged for the new money is still to be decided, he said. He realizes there will be skeptics. "I think that ... it's an idea whose time has come in a global sense," he said, citing Japan as a country that's a major player in community currency. "Whether it means the time has come to South Bend or not, the response of the next few meetings will be an indicator. "There really has to be a broad buy-in and interest in this," for it to work, he said. "It requires a critical mass of participation, and you can't really force that on folks. They have to see the desire and worth to participate." He adds he has been "pleasantly surprised by the enthusiastic reception" the idea has gotten so far. More volunteers are needed in the effort to line up companies to participate, and they can reach Martinez at (574) 252-9974. At its Oct. 17 meeting, the leadership group also will be seeking participating businesses as well as listening to the public's thoughts on the currency. In some ways the money can be like coupons, Martinez said, where a business might allow only so much of the currency to be spent, say per $5 or $10. "It's considered a complementary currency, similar to scrip or (a) coupon in a way, but (it) signifies support for the local businesses," she said.And it is not as far-fetched as some might think, added Hurley. No less than Alan Greenspan has spoken of their value, Hurley said. "It's not as radical a notion as people might think it is," Hurley said. "If you think of currency as a kind of software that runs our economy, we've never really thought of changing the software around, but it makes sense."Staff writer Jim Meenan: jmeenan@sbtinfo.com (574) 235-6342 Michiana money meetings